joanna bujes wrote: >I'm confused. The Federal Reserve, despite its name, is very much a >private concern, right? So, why should it not buy equities?
Not "very much" a private concern. It's a mixed bag. The Board of Governors, based in Washington, are appointed by the pres and confirmed by the Senate. The twelve regional branches are owned by their member banks, and their senior officers are chosen by the bank owners with Washington's approval. The whole system is self-financing, meaning they don't have to worry about getting appropriations from Congress; the Fed turns over a $20-25 billion annual profit to the Treasury every year. Doug
